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BEIJING, March 27, 2024 /PRNewswire/ -- Waterdrop Inc. (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, today announced its unaudited financial results for the three months and full year ended December 31, 2023 and a special cash dividend. In recognition of the invaluable support from shareholders, Waterdrop declared a special cash dividend, the aggregate payment of which amounted to approximately US$15 million. The special cash dividend of US$0.04 per ADS or US$0.004 per ordinary share for 2023 to shareholders of record as of the close of business on April 19, 2024. The payment date is expected to be on or around April 30, 2024 for holders of ordinary shares and on or around May 3, 2024 for holders of ADSs. Meanwhile, pursuant to the share repurchase programs launched in September 2021, September 2022 and September 2023, respectively, Waterdrop had cumulatively repurchased approximately 39.7 million ADSs from the open market with cash for a total consideration of approximately US$88.8 million as of February 29, 2024. Looking into 2024, Waterdrop will continue to execute strategy to pursue stable and high-quality growth while maintaining profitability, as Waterdrop is well positioned to seize the next wave of opportunities in China's insurance and healthcare market.
Life Insurance Rebounded with Life & Health NBV Growing 36.2% HONG KONG and SHANGHAI, March 21, 2024 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An", the "Company" or the "Group", HKEX: 2318; SSE: 601318) today announced its financial results for the year ended December 31, 2023. China's economy and consumption growth still faced challenges. Amidst external market pressures, internal operational challenges, and the persistent impact of a three-year pandemic, Ping An focused on core financial businesses and strengthened the insurance protection function to serve the real economy under its business policy of "focusing on core businesses, boosting incomes and cutting costs, optimizing portfolios, and improving quality and efficiency." Following the technology-driven "integrated finance + healthcare and elderlycare" strategy, Ping An continuously consolidated its integrated finance advantages, remained customer needs-oriented, and pursued high-quality development. The overall operating results for the last year remained solid, demonstrating resilience. The Group's operating profit attributable to shareholders of the parent company reached RMB117,989 million, and net profit attributable to shareholders of the parent company reached RMB85,665 million in 2023. Basic operating earnings per share reached RMB6.66. Three core businesses, namely Life & Health, property and casualty insurance, and banking, maintained steady performance. The three businesses delivered RMB140,913 million in operating profit attributable to shareholders of the parent company. Full year cash dividend is RMB2.43 per share, up 0.4% year on year, with total cash dividend increasing for 12 consecutive years. Life insurance returned to growth. Life & Health NBV grew 36.2% like for like driven by a 40.3% rise in agent channel NBV. Ping An continued to advance the "Integrated Finance + Healthcare and Elderlycare" synergistic strategy. The Group's retail customers increased to 232 million as of December 31, 2023; 25.3% of them held four or more contracts within the Group, with a retention rate of 97.7%; nearly 64% used services from the healthcare and elderlycare ecosystem as of December 31, 2023. Customers entitled to service benefits in the healthcare and elderlycare ecosystem accounted for over 73% of Ping An Life's NBV in 2023. Ten business highlights in 2023: Ping An achieved steady development of core businesses. The Group's operating profit attributable to shareholders of the parent company reached RMB117,989 million in 2023. Three core businesses, namely Life & Health, property and casualty insurance, and banking, remained steady, generating RMB140,913 million in operating profit attributable to shareholders of the parent company. Cash dividend has increased for 12 consecutive years. Attaching importance to shareholder returns, Ping An plans to pay a final dividend of RMB1.50 per share in cash for 2023. Full year cash dividend is RMB2.43 per share, up 0.4% year on year. Cash dividend payout ratio based on operating profit attributable to shareholders of the parent company is 37.3%, with total dividend increasing for 12 consecutive years. Life & Health achieved steady business development, enhanced comprehensive strength in channels, and delivered significant results in high-quality development. Life & Health NBV grew 36.2% like for like driven by a 40.3% rise in agent channel NBV due to an 89.5% increase in NBV per agent and continued strong momentum in the newly reformed bancassurance channel where NBV climbed 77.7% in 2023. Based on the latest assumptions including the return on investment and the risk discount rate, NBV of L&H amounted to RMB31,080 million. The 13-month persistency ratio rose 2.5 pps year on year. Ping An P&C maintained good business quality with steady revenue growth. Ping An P&C's insurance revenue rose 6.5% year on year to RMB313,458 million in 2023. Overall combined ratio excluding guarantee insurance was 98.4%. Auto insurance combined ratio was 97.7%, better than the market average, or 96.6% excluding the impacts of natural disasters. Ping An delivered excellent results in insurance funds investment. Despite a complex and volatile market environment, Ping An's insurance funds investment portfolio achieved a comprehensive investment yield of 3.6% in 2023, up by 0.9 pps year on year. The portfolio achieved a 5.2% average net investment yield and a 5.4% average comprehensive investment yield over the past decade, higher than the EV long-run investment return assumption. Ping An Bank maintained steady business performance and adequate risk provisions. Net profit increased 2.1% year on year to RMB46,455 million in 2023. Non-performing loan ratio was 1.06% and provision coverage ratio was 277.63% as of December 31, 2023. Ping An continued to develop its integrated finance model. Retail customers increased to 232 million as of December 31, 2023; 25.3% of them held four or more contracts within the Group, with a retention rate of 97.7%. Ping An continued to implement its healthcare and elderlycare ecosystem strategy, empowering its core businesses with differential advantages. By integrating providers, Ping An partnered with all top 100 hospitals and 3A hospitals, and accumulated about 50,000 in-house and contracted external doctors in China as of December 31, 2023. Ping An partnered with approximately 230,000 pharmacies as of December 31, 2023, up by nearly 6,000 from the beginning of 2023. Customers entitled to service benefits in the healthcare and elderlycare ecosystem accounted for over 73% of Ping An Life's NBV in 2023. Ping An actively fulfilled its social responsibilities and supported the real economy. Ping An cumulatively invested over RMB8.77 trillion as of December 31, 2023 to bolster the real economy. Green investment of insurance funds and green loan balance totaled RMB128,568 million and RMB146,345 million respectively as of December 31, 2023. Green insurance premium income amounted to RMB37,296 million in 2023. Ping An has provided RMB117,882 million for poverty alleviation and industrial vitalization since the launch of "Ping An Rural Communities Support." Ping An maintained "A" in MSCI ESG Ratings in 2023, remaining No.1 in the multi-line insurance and brokerage industry in the Asia-Pacific region. Ping An further increased its brand value. In 2023, Ping An ranked 33rd in the Fortune Global 500 list (1st among global insurers again and 5th among global financial services companies), 9th in the Fortune China 500 list, 16th in the Forbes Global 2000 list, and 1st in the Brand Finance Insurance 100 list in relation to global insurance brand value for the 7th consecutive year. Life & Health delivered significant results in high-quality development with NBV growing 36.2% like for like. Ping An Life continued to enhance its channels and improve business quality under the "4 channels + 3 products" strategy in 2023[1]. Life & Health NBV grew 36.2% like for like in 2023. Based on the latest assumptions including the return on investment and the risk discount rate, NBV of L&H amounted to RMB31,080 million. Ping An Life recorded a material improvement in its persistency ratios with the 13-month persistency ratio rising 2.5 pps year on year and 25-month persistency ratio rising 6.8 pps year on year in 2023. The development of four channels showed significant results. In respect of the agent channel, Ping An Life advances the high-quality transformation of the agent channel and improves the team structure. On a like-for-like basis, agent channel NBV grew 40.3%, and income per agent increased 39.2% in 2023. Proportion of "Talent +" new agents increased by 25.2 pps year on year in 2023. In respect of the bancassurance channel, Ping An Life furthered the exclusive agency model with Ping An Bank. On a like-for-like basis, bancassurance channel NBV grew 77.7% in 2023, indicating high-quality, leapfrog growth with a significant increase in the channel's contribution. In respect of the Community Grid channel, Ping An Life has set up 65 Community Grid outlets in 51 cities. Ping An Life's 13-month policy persistency ratio of "retained customers" in the cities with Community Grid outlets improved by 5.4 pps year on year. In respect of the lower-tier channel, Ping An Life continuously promoted sales in seven provinces in 2023. Ping An Life further diversified wealth management and insurance products, developed the pension insurance market, and consolidated insurance protection business. By leveraging the Group's healthcare and elderlycare ecosystem, Ping An Life steadily advanced its three core services, namely the healthcare, home-based elderlycare, and high-end elderlycare. In respect of "insurance + healthcare", Ping An Life provided health management services to over 20 million customers in 2023, and about 76% of Ping An Life' s newly-enrolled customers used health management services in 2023. In respect of "insurance + home-based elderlycare", Ping An's home-based elderlycare services covered 54 cities across China as of December 31, 2023. Over 80,000 customers have qualified for the home-based elderlycare services, giving positive general feedback. In respect of "insurance + high-end elderlycare," Ping An has unveiled high-end elderlycare projects in four cities as of December 31, 2023, including a "Ping An Zhen Yi Nian" experience center opened in Sanya, Hainan Province in July 2023. Ping An maintained steady growth in P&C and banking businesses, delivered excellent results in insurance funds investment, and continuously advanced its integrated finance strategy. Ping An P&C maintained good business quality with steady revenue growth. Ping An P&C's insurance revenue rose 6.5% year on year to RMB313,458 million in 2023. Overall combined ratio excluding guarantee insurance was 98.4%. Auto insurance combined ratio was 97.7%, better than the market average, or 96.6% excluding the impacts of natural disasters. Ping An P&C has been honored as "No.1 Brand" in China's auto insurance and property and casualty insurance markets by the Ministry of Industry and Information Technology for 13 consecutive years. Ping An P&C's "Ping An Auto Owner" app ranks as the largest automotive service app in China having accumulated over 200 million registered users as of December 31, 2023, with over 136 million vehicles linked to it. With leading online claims services, Ping An P&C scored 94.52 in the Auto Insurance Service Quality Index evaluation by China Banking and Insurance Information Technology Management Co., Ltd., ranking among top players in the property and casualty insurance industry. Ping An Bank maintained steady business performance and stable asset quality. Net profit grew by 2.1% year on year to RMB46,455 million in 2023. Non-performing loan ratio was 1.06% and provision coverage ratio was 277.63% as of December 31, 2023, indicating adequate risk provisions. Retail assets under management ("AUM") rose 12.4% from the beginning of 2023 to RMB4,031,177 million, and retail deposit balance grew by 16.7% from the beginning of 2023 to RMB1,207,618 million as of December 31,2023. Retail business realized high-quality sustainable development. Ping An delivered excellent results in insurance funds investment. The Company's insurance funds investment portfolio grew 9.0% from the beginning of 2023 to over RMB4.72 trillion as of December 31, 2023. The portfolio achieved a comprehensive investment yield of 3.6% in 2023, up by 0.9 pps year on year. The portfolio achieved a 5.2% average net investment yield and a 5.4% average comprehensive investment yield over the past decade, higher than the EV long-run investment return assumption. Ping An's integrated finance strategy is focused on deepening engagement with retail customers and developing customer groups under a customer-centric business philosophy. Integrated finance brings higher operational efficiency to Ping An, reflected especially by lower customer acquisition cost, lower management and service costs, and higher customer retention rates. The Group's retail customers increased 2.2% from the beginning of 2023 to 232 million as of December 31, 2023; 25.3% of them held four or more contracts within the Group, with a retention rate of 97.7%. Contracts per retail customer reached 2.95. Over 88.01 million retail customers held multiple contracts with different subsidiaries. Further developing the healthcare and elderlycare ecosystem as a new driver of value growth. Ping An has launched an innovative Chinese "managed care model" by leveraging its more than ten years of operational and management experience in insurance and healthcare industries. The model covers multiple business lines, including finance, healthcare, and technology. Ping An builds its service moat by empowering retail financial customers and corporate clients as well as developing an online flagship medical platform. Ping An seamlessly combines differentiated healthcare and elderlycare services with financial businesses in which Ping An acts as a payer. By acting as a payer and integrating providers, Ping An offers the most cost-effective healthcare and elderlycare services under unique business models. Over the past decade, Ping An has been building a healthcare and elderlycare ecosystem in China with increasingly significant differential advantages including online, in-store and home-delivery service capabilities, wide coverage of hundreds of healthcare and elderlycare service resources, and access to high-quality proprietary resources. This is very important for quality assurance purposes. Ping An had about 50,000 in-house and contracted external doctors as of December 31, 2023. Moreover, Ping An partnered with over 36,000 hospitals (including all top 100 hospitals and 3A hospitals in China), over 100,000 healthcare management institutions and approximately 230,000 pharmacies as of December 31, 2023. Ping An's healthcare and elderlycare ecosystem is creating both standalone direct value and significant indirect value by empowering core financial businesses through differentiated "Product + Service" offerings. Nearly 64% of Ping An's 232 million retail customers used services from the healthcare and elderlycare ecosystem as of December 31, 2023. They held approximately 3.37 contracts and RMB55,900 in AUM per capita, 1.6 times and 3.5 times those held by non-users of these services respectively. Customers entitled to service benefits in the healthcare and elderlycare ecosystem accounted for over 73% of Ping An Life's NBV in 2023. In 2023, Ping An achieved over RMB140 billion in health insurance premium income; Ping An's healthcare ecosystem had over 56,000 paying corporate clients; Ping An Health (formerly known as Ping An Good Doctor) had nearly 40 million paying users over the past 12 months. Technological innovations empowered core businesses and enhanced efficiency and quality. Ping An had a first-class technology team of over 20,000 technology developers and over 3,000 scientists as of December 31, 2023. With 51,533 patent applications in total, the Group ranked first globally by the number of patent applications in both fintech and healthcare. Renewal premiums collected via self-service under smart guidance increased by 13% year on year to RMB300.3 billion in 2023. The volume of services provided by AI service representatives reached about 2.22 billion times. Claims loss reduction via smart risk identification increased by 16.0% year on year to RMB10.82 billion in 2023. Ping An engages in technology business through member companies including Lufax Holding, OneConnect, Ping An Health and Autohome, providing diverse products and services for ecosystem users, with significant synergies. Ping An actively fulfilled its social responsibilities and furthered green finance initiatives. The Group cumulatively invested over RMB8.77 trillion as of December 31, 2023 to bolster the real economy. The investments cover China's major projects including energy, transportation, and water conservancy. Ping An P&C provided over 1,500 key engineering projects across the country with over RMB3.9 trillion worth of insurance coverage, and supported national strategic initiatives including the Belt and Road Initiative and the development of the Guangdong Hong Kong-Macao Greater Bay Area. Green investment of insurance funds and green loan balance totaled RMB128,568 million and RMB146,345 million respectively as of December 31, 2023. Green insurance premium income amounted to RMB37,296 million in 2023. Ping An has provided RMB117,882 million for poverty alleviation and industrial vitalization since the launch of "Ping An Rural Communities Support." To develop into a financial powerhouse, China has a long, long way to go. In 2024, Ping An will comprehensively implement the spirit of China's Central Financial Work Conference and adhere to the business policy of "focusing on core businesses, boosting incomes and cutting costs, optimizing portfolios, and improving quality and efficiency" under a people-centered and customer needs-oriented approach. Ping An will continuously strengthen risk management, improve operations, and enhance financial service capabilities and coverages. Ping An will advance its technology-driven "integrated finance + healthcare and elderlycare" strategy and pursue high-quality development. Moreover, Ping An will comprehensively develop TechFin, green finance, inclusive finance, pension finance, and digital finance. By doing so, Ping An will create robust and sustainable long-term value for customers, employees, shareholders and society, contributing to China's development into a financial powerhouse. [1] 4 channels include agent channel, bancassurance channel, Community Grid channel, and lower-tier channel, and 3 products include insurance + healthcare, insurance + home-based elderlycare, and insurance + high-end elderlycare. – End–
BEIJING, March 21, 2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) ("Cheche" or the "Company"), China's leading auto insurance technology platform, today announced it will host a conference call to discuss fourth quarter and full year 2023 results on Thursday, March 28, 2024, at 8:00 a.m. EST. The fourth quarter and full year 2023 earnings release and related investor deck will be available on the investor relations website at ir.chechegroup.com prior to the event. A live webcast will be available in the "Events" section of the company's investor relations website under the "News & Events" header at ir.chechegroup.com. The dial-in number for the conference call will be 1-888-317-6003 (toll-free) or 1-412-317-6061 (international) with conference ID 5888602. Please dial in 10 to 15 minutes before the scheduled start time. The Company intends to make the webcast replay available for one year. About Cheche Group Inc. Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 110 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en. Cheche Group Inc.: IR@chechegroup.com Crocker Coulsoncrocker.coulson@aummedia.org(646) 652-7185
Patient health management can be difficult due to limited time with doctors during appointments, low health literacy and poor recall of doctor recommendations Routine patient generated data can ensure patients stay on track, provide a comprehensive view of health, and provide critical information between provider visits Checkup allows for patients to accurately track their health with disease-specific tools, keeping doctors updated and ensure medications are working properly, all in one place NEW YORK, March 20, 2023 /PRNewswire/ -- Ubie, a global healthcare AI platform that works at the intersection of patients, providers, and life sciences to guide everyone to better care, today announced the launch of Checkup, a platform designed to help patients track and improve their conditions by recording key measurements, providing reminders for medications and doctor appointments, and helping patients communicate with their providers. The platform allows patients to easily share updates and important health information with doctors to ensure their health and medication are being properly managed, and to flag any issues that may necessitate emergency care. For patients living with serious illnesses and chronic diseases, self-management of health between doctor appointments can be critical to their health. Patients who track their health and use data to communicate with providers are more likely to have better health. Patient self-monitoring also helps doctors assess patient health, see how medications are working, and understand if patients would benefit from other treatments. Patient engagement and routine self-tracking are more likely to result in positive health changes and reduce the economic impact of chronic disease. But many patients have low health literacy or simply forget what their doctor asked them to do. Patient reminders and notifications are an important part of patient engagement. Nine out of 10 Americans don't fully understand, or remember, their doctor's instructions, and many need help remembering to take timely measurements or adhere to medications regimens. "We see in the clinics and hospitals we work with how difficult it is for patients with serious health conditions to not only remember to monitor and record key health data, but to also manage their medication and communicate these various pieces of information with their doctor during their next appointment," said Kota Kubo, Ubie Co-Founder and Co-CEO. "Ubie developed Checkup to serve as a single point of self-care management that tracks health, shares that information with care providers, and sets up reminders for critical care moments." Checkup has specialized modules for a growing number of diseases to ensure that reminders are appropriate and personalized to a patient's condition. The platform will launch with an asthma module, with plans to expand into other disease areas soon after. Asthma patients will be able to manage medications and monitor their Asthma Control Test (ACT) scores, which will allow doctors to gauge the seriousness of a patient's asthma. The majority of doctors in the US spend less than 17 minutes with their patients during a visit, with much of that time asking how things have evolved since the last visit. More than 60% of doctors feel they have little to no time or ability to effectively address their patients' drivers of health. Patient self-monitoring with Checkup provides doctors with insights ahead of time, letting them focus on patients and their concerns. Current tracking solutions tend to be disparate, with point-solutions spread across multiple platforms and devices, and the traditional method of recording health updates in a paper journal relying on a patient to remember without prompting. In between appointments, patients may also feel unsure of how their health is progressing and turn to other sources, such as internet search or online discussion groups, for information. Checkup is easy for patients to set up and integrates with Ubie's AI-powered Symptom Checker, which is used by over 9 million people every month. Patients fill out a profile their first time on the platform, input information about their current treatment, answer questions specific to their condition, update symptoms and include notes for their doctor, followed by the input of appointment timing and location for tracking and reminders. Checkup will then provide patients with regular SMS reminders and encourage them to update their symptoms, measurements and information, as needed. Checkup is part of Ubie's care guidance platform, which currently includes Ubie's Symptom Checker. The two will work together to help provide holistic guidance to patients from pre to post-diagnosis and disease management. The system is designed to help patients navigate the health system and ensure they are routed to where they need to be. About Ubie Established in 2017, Ubie is at the forefront of the digital health revolution. Ubie harnesses the power of artificial intelligence to seamlessly navigate individuals towards appropriate healthcare services. Our mission is rooted in the belief that everyone, regardless of location or circumstance, deserves access to easily accessible and comprehensive healthcare. We are committed to transforming this vision into reality by creating a more personalized and user-friendly healthcare experience. Our global presence is anchored at our headquarters in Tokyo, Japan, situated at the heart of Nihonbashi, and our U.S. headquarters in the bustling hub of New York City. These strategic locations enable us to cultivate and expand our impact on the healthcare industry worldwide. Learn more about our vision and work at https://ubiehealth.com/company or try our free Symptom Checker at https://ubiehealth.com/. Contact:Ryosei HatakeyamaUbie, Inc.1460 Broadway, New York, NY 10036Email: pr@ubiehealth.com
Market-leading overseas virtual medical consultation service Providing worry-free travel experience for our customers HONG KONG, March 20, 2024 /PRNewswire/ -- AXA Hong Kong and Macau (AXA) today announced the upgrade of "SmartTraveller Plus'', with newly-added benefits such as virtual medical consultation, medicine delivery and optional cruise benefits. These enhancements aim to provide advanced travel insurance protection to customers, allowing them to enjoy peace of mind in their journeys. Reflecting our commitment to being customers' lifelong partners, AXA constantly evolves and refines existing products to meet the ever-changing needs of our valued customers. The notable updated features of "SmartTraveller Plus" are as follows: 1. Market-leading virtual medical consultation and medicine delivery via MyDoc Health Passport AXA understands medical support is important for customers travelling overseas, hence "SmartTraveller Plus" offers medical teleconsultation and medicine delivery via MyDoc Health Passport as part of the annual cover for all levels of coverage. These services are available in designated cities in Japan, Thailand, Vietnam, Singapore and the Philippines. The first two teleconsultations per insurance period are free of charge, with access to both Hong Kong and overseas doctors, eliminating the fear of language barrier. If needed, prescribed medicine can be delivered to the customer's location, with the customer required to pay for the fee upfront and then reimbursed under the policy by filing a claim. 2. Unique add-on protections and comprehensive support for cruise benefit Our new cruise add-on protections are tailored to provide suitable protection for cruise lovers. The coverage includes cancellation protection for cruise journeys, curtailment and cancellation for shore excursion, and accidents protection in relation to cruise hijacking. Kenneth Lai, Chief General Insurance Officer, AXA Hong Kong and Macau, said, "In today's dynamic travel landscape, we understand the importance of offering comprehensive support to travellers, especially as they navigate uncertainties abroad. Through our latest enhancements to 'SmartTraveller Plus', we reaffirm our unwavering dedication to ensuring worry-free travel experiences for all our customers, empowering them to explore the world with confidence, knowing that they have a trusted partner by their side every step of the way." Annual Cover is also made available for all levels of plans, catering to the varying needs of frequent travellers, including those individuals who primarily take short trips like destinations in the Greater Bay Area, requiring basic coverage on medical expenses and personal accidents, as well as those seeking higher coverage for their explorations around the world. Flash Sale for Easter From now on until March 28 (6pm, HKT), customers who purchase "SmartTraveller Plus" can enjoy 40% off for single journey coverage or 30% off for annual cover and subsequent renewal. For more information, please visit: https://www.axa.com.hk/en/travel-insurance-campaign The above information is for reference only. For details on product features, content, terms and exclusions, please refer to the product brochure and policy wording. About AXA Hong Kong and Macau AXA Hong Kong and Macau is a member of the AXA Group, a leading global insurer with presence in 50 markets and serving 94 million customers worldwide. Our purpose is to act for human progress by protecting what matters. As one of the most diversified insurers in Hong Kong, we offer integrated solutions across Life, Health and General Insurance. We are the largest General Insurance provider and a major Health and Employee Benefits provider. Our aim is to not only be the insurer to provide comprehensive protection to our customers, but also a holistic partner to the individuals, businesses and community we serve. At the core of our service commitment is continuous product & service innovation and customer experience enrichment, which is achieved through actively listening to our customers' needs and leveraging and investing in technology and digital transformation. We embrace our responsibility to be a driving force against climate change and a force for good to create shared value for our community. We are proud to be the first to address the importance of mental health through different products and services and thought leading iconic research. Our overall Sustainability Strategy, with emphasis on climate strategy and biodiversity commitment, is developed based on TCFD recommendations. We are committed to integrating environmental, social and governance factors across our business and strive to contribute to a sustainable future through 3 distinct roles - as an investor, insurer and an exemplary company. THIS PRESS RELEASE IS AVAILABLE ON AXA'S WEBSITE: AXA.COM.HK IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA's actual results to differ materially from those expressed or implied in the forward-looking statements. Please refer to Part 4 - "Risk factors and risk management" of AXA's Universal Registration Document for the year ended December 31, 2019, for a description of certain important factors, risks and uncertainties that may affect AXA's business, and/or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as part of applicable regulatory or legal obligations.
HONG KONG SAR - Media OutReach Newswire - 20 March 2024 - Prudential plc ("Prudential"; HKEX: 2378; LSE: PRU) today announced its financial results for the year ended 31 December 2023. Performance highlights on a constant (and actual) exchange rate basis New business profit up 45 per cent (43 per cent) to $3,125 million. Excluding the effect of interest rate and other economic movements, new business profit up 47 per cent (45 per cent) Operating free surplus generated from in-force insurance and asset management business of $2,740 million (2022: $2,725 million ($2,760 million)) Adjusted operating profit up 8 per cent (6 per cent) to $2,893 million EEV shareholders' equity is up 7 per cent to $45.3 billion, equivalent to 1,643 cents per share, on an AER basis. GWS shareholder capital surplus over GPCR of $16.1 billion, equivalent to a cover ratio of 295 per cent (31 December 2022: 307 per cent) Second interim dividend of 14.21 cents per share, 20.47 cents per share for the full year, up 9 per cent Commenting on the Results, CEO Anil Wadhwani, said: "These are a very strong set of results while operating in a challenging macro environment, with new business profit up 45 per cent driven by a relentless focus on execution in our markets in Asia and Africa. It is also an illustration of the strength of both our agency and bancassurance distribution channels as well as an affirmation of our leadership position in many key markets. "It has been six months since the launch of our new strategy and it's highly encouraging to see the early progress on our strategic objectives of improving our customer experience, driving technology powered distribution and transforming our business model in Health. We have on-boarded senior leadership talent in Health, Technology and added to our talent in our key markets as we continue to strengthen our capabilities in line with our strategic priorities. "We delivered an excellent financial and operational performance in 2023 and deployed increased levels of capital in new business, enhancing core capabilities and expanding distribution. Sales growth has continued in the first two months of 2024. Given the relentless execution focus in implementing our strategy, we are increasingly confident in achieving our 2027 financial and strategic objectives and in accelerating value creation for our shareholders." Summary financials 2023 $m 2022 $m Change on AER basis Change on CER basis New business profit 3,125 2,184 43% 45% Operating free surplus generated 2,007 2,193 (8)% (8)% Operating free surplus generated from in-force insurance and asset management business 2,740 2,760 (1)% 1% Adjusted operating profit 2,893 2,722 6% 8% IFRS profit (loss) after tax 1,712 (997) n/a n/a 31 Dec 2023 31 Dec 2022 Total Per share Total Per share EEV shareholders' equity $45.3bn 1,643¢ $42.2bn 1,534¢ IFRS shareholders' equity $17.8bn 647¢ $16.7bn 608¢ Adjusted IFRS shareholders equity $37.3bn 1,356¢ $35.2bn 1,280¢ Notes The summary financials presented above are the key financial metrics Prudential's management use to assess and manage the performance and position of the business. In addition to the metrics prepared in accordance with IFRS standards - IFRS profit after tax and IFRS shareholders' equity - additional metrics are prepared on alternative bases. The presentation of these key metrics is not intended to be considered as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS Standards. The definitions of the key metrics we use to discuss our performance in this press release are set out in the "Definition of performance metrics" section later in this document, including, where relevant, references to where these metrics are reconciled to the most directly comparable IFRS measure. Further information on actual and constant exchange rate bases is set out in note A1 of the IFRS financial statement. All results are presented in US dollars. IFRS Comparatives for 2022 have been restated to reflect the retrospective application of IFRS 17. See note A2.1 to the financial statements for further information and reconciliation. Hashtag: #PrudentialplcThe issuer is solely responsible for the content of this announcement.About Prudential plcPrudential plc provides life and health insurance and asset management in 24 markets across Asia and Africa. Prudential's mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts. It is a constituent of the Hang Seng Composite Index and is also included for trading in the Shenzhen-Hong Kong Stock Connect programme and the Shanghai-Hong Kong Stock Connect programme. Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom. https://www.prudentialplc.com/
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